A UN panel paid Kuwait’s national oil company $600 million on Tuesday as compensation for Iraq’s invasion and occupation of Kuwait three decades ago.
Since assessing over 1.5 million claims connected to the invasion by states and international organizations in 2005, the United Nations Compensation Commission says it has paid out $51.3 billion.
Kuwait Petroleum Corporation was successful in claiming $14.7 billion in oil production and sales losses due to damage to the country’s oil fields during the Iraqi invasion and occupation in 1990-91, which led to the US-led Gulf War.
The corporation is the only claimant left, and it stands to gain an additional $1.1 billion.
Iraq set aside a share of the earnings from its oil exports for the reparations fund under a United Nations Security Council resolution passed in 1991. According to the panel, that percentage is now set at 3%.
The final tranche is projected to be paid within a year at the present pace of payment.